Precision Farming Market is expected to generate a revenue of USD 18.53 Billion by 2028, Globally, at 13.00% CAGR: Verified Market Research®

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Sep 20, 2022, 09:15 ET

The increased adoption of IoT and sophisticated analytics in agriculture are two key reasons propelling the growth of the precision farming market. Additionally, the market's expansion is attributable to the development of agricultural methods.

JERSEY CITY, N.J., Sept. 20, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Precision Farming Market" By Offering (Hardware, Software, Services), By Technology (Guidance Technology, Remote Sensing), By Application (Yield Monitoring, Crop Scouting, Field Mapping), and By Geography.

Precision Farming Market size was valued at USD 6.92 Billion in 2020 and is projected to reach USD 18.53 Billion by 2028, growing at a CAGR of 13.00% from 2021 to 2028, according to the most recent study from Verified Market Research.

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Browse in-depth TOC on "Precision Farming Market"

202 - Pages

126 – Tables

37 – Figures

Report Scope

Global Precision Farming Market Overview

The concepts of precision farming and precision agriculture are interchangeable. When it comes to cultivating crops and keeping livestock, precision farming improves the practice of farming. The utilization of information technology, including GPS guidance, control systems, robots, autonomous vehicles, sensors, drones, variable rate technologies, GPS-based soil sampling, automated hardware, telematics, and software, is the key aspect of modern farming.

The term VRT refers to a technology that enables farmers to manage the quantity of input in a particular region using variable input applications. Farmers may optimize their sowing and fertilizing by using GPS soil sampling, which measures pH level, water content, and the amount of nutrients available in the soil. Remote sensing technology that keeps an eye on and maintains the land, water, and other resources is also a part of precision farming. Decisions on the farm may be made using this data. Precision farming's main goal is to assure profitability, sustainability, and efficiency while maintaining environmental protection.

Large farms are the main users of this technology since precision farming equipment is expensive, however accessible cell phones and trustworthy satellites can also offer low-cost farming methods. Accurate farm planning, crop scouting, and yield maps are produced using computer-based software. This makes it possible to apply insecticides, fertilizers, and herbicides with greater precision. As a result, it contributes to cost savings and generates a high yield.

IoT supports farmers in addressing a variety of issues related to effective farming, including crop monitoring, weather forecasting, and Precision Farming, which offers real-time data on the environment's temperature and weather. As a result, the precision farming market is expanding due to the increased use of precision farming in weather forecasting.

Key Developments

On March 2020, AgJunction Inc partnered with GeoSurf Corporation and Anhui Zhongke Intelligent Sense and Big Data Industrial Technology Research Institute Co. Ltd to provide precision agriculture solutions Asia-Pacific region. GeoSurf has recently launched TaznaX, a precision agricultural solution for rice and onion transplanters based on AgJunction's Wheelman and Whirl technology.
On January 2020, Trimble announced that it had signed a definitive agreement to acquire privately-held Kuebix, a leading transportation management system provider and creator of North America's largest connected shipping community.
On January 2020, AGCO introduced the new Fendt Momentum planter for row crop farmers in North America to establish a new standard for seed placement accuracy and provide technologies to help farmers overcome planting conditions.

Key Players

The "Global Precision Farming Market" study report will provide a valuable insight with an emphasis on the global market. The major players in the market are

Deere & Company
Trimble
Agco
Agjunction
Raven Industries
AG Leader Technology
SST Development Group
Teejet Technologies
Topcon Positioning Systems
Dickey-John Corporation

Based on the research, Verified Market Research has segmented the global Precision Farming Market into Offering, Technology, Application, and Geography.

Precision Farming Market, By Offering

Hardware

Automation and Control System

Software

Cloud-Based
Local/Web-Based

Services

System Integration & Consulting
Managed Services
Connectivity Services
Assisted Professional Services
Maintenance and Support

Precision Farming Market, By Technology

Guidance Technology

GPS/GNSS Based
GIS Based
Sensing and Monitoring Device

Variable-Rate Technology

Map-Based
Sensor-Based

Remote Sensing

Handheld or Ground-Based Sensing
Satellite or Aerial Sensing

Precision Farming Market, By application

Yield Monitoring
Crop Scouting
Farm Labor Management
Financial Management
Field Mapping
Variable Rate Application
Weather Tracking & Forecasting
Inventory Management
Others

Precision Farming Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

Browse Related Reports:

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Agriculture And Farm Equipment Market By Product (Irrigation & Crop Processing Equipment, Spraying Equipment), By Application (Sowing & planting, Weed Cultivation), By Geography, And Forecast

Farm Variable Rate Technology (VRT) Market By Product (Fertilizer VRT, Crop Protection Chemical VRT, Soil Sensing VRT, Seeding VRT, Yield Monitor VRT, Irrigation VRT), By Application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), By Geography, And Forecast

Top Smart Farming Companies resurrecting the market of agriculture driven economies

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